The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-06-15
WHEAT TAKES A PLUNGE.
A DROP OF NINETEEN CENTS PER
BUSHEL YESTERDAY.

y
Soon Began-Prices Hamm cred Down
From 90 IA to 73-Crowded Eleva-
tors and Large Receipts Greatly
Aided the Bears IN Their Fight.
CHICAGO, June 14.-The calm of yester-
day on the Chicago Board of Trade was fol-
lowed by whirlwind of excitement to-day.
Traders had just nicely caught their breath
and steadied their nerves after the break of
Saturday when second cyclone came. 1t
was the wheat pit scare of Saturday, en-
larged and intensified. The liberal takings
of July yesterday by the clique made that
future steady. The outside traders talked
themselves into the belief that the combina-
tion permitted the sharp decline on Satlr-
day, and that they were about to buy July
as they have already done May and June.
Many became ''tailers," scalpers
became active and it looked as
ii the worst were past, and that
the lowest point for July had been reached.
when the &c. drop of Saturday occurred
But outside forcs were at work for the
bears. Thousands of cars standing on the
tracks, elevators all full, the tremendous
receipts reported and everything pointing to
more wheat. Such We're the conditions
when the wheat traders went on change
this morning.
.N' JUST BEFORE THE STORM.
For the first offerings of July there was
no takers. It was offered under the sup
posed market still no takers The fears
that took hold upon the bull element at the
close of last week, again made them quake
July dropped from 50 Bic to SIC. while
men were thinking what to do. Every
one wanted to unload. but no one
wanted wheat In less time than it takes to
tell the story July was offered at S014c. 1t
was short, stormy but terrible in its effects
on the crowd. Traders crawled out of the
pit dripping with perspiration. There was
talk of failures, but none were announced.
Then for an hour there was a slight rally
and July sold up to 81 1-2c This was but a
hull in the storm. At IL a. m. the indicator
for July showed that it was again selling
down, and in fifteen minutes it was offered
at 79c Then came the third tumble at the
noon hour and July sold down to rs 1-2c., or
NC below the opening price.
WILD PANDEMoNIUM.
The entire board was little less than
pandemonium and the bears declared it
just retribution on the bullish wheat
manipulators. Rumors reached here that
there was a run on a bank in Cincinnati,
where the headquarters of the ''longs" are
supposed to be situated. Margins were
freely called and heavy deposits demanded.
The Chicago banks, it was said refused to
advance any more money on wheat, and
late in the session it was stated that the
checks of some of the parties interested on
the long side had been refused. At 1890
came the startling announcement that all
persons having trades with Rosenfeld & Co..
one of the clique houses, should close them
at once. The uproar had not subsidized when
July wheat took the fourth and worst turn
of taa Aor and n Nd f<Ntso 10
74c. and closed at the end of the morning
session at 7414c.
EXCITED BROKERS AFTER THEIR MARGINS
Trouble was expected on margins at Ker-
shaw's, and the crowd was ready for any
thing short of an earthquake. Throngs of
people pushed in from the streets, and the
gallery was filed with an excited throng of
men and women. It was morning session
to be remembered as long as wheat grows.
The intermission at l o'clock gave the
members a chance to catch their breath,
and when the afternoon session was called
the excitement had somewhat abated
FAILURES NEARLY CREATE A PANIC.
At 2:20 o'clock it was officially announced
that E. w. Bailey & Co. and Hamill &,
Brine requested all parties having trades
with them to close them out at once. The
instant this announcement was made July
wheat dropped to rs l-2c., but soon recov-
cred, and went back to "a. In five minutes
later Secretary Stone raped the tumultous
crowd to order and read the following from
the leading clique house of c. j. Kershaw
d Co.: 1--WE have the assurance that mar
gins and ample funds will be forthcoming
by tomorrow afternoon, and we request
that no trades be closed out" The an
nouncement was received with cheers, and
IN a few minutes July wheat was selling at
751Sc.
HOW THE FIGURES RANGED.
The lowest figures touched by July wheat
during the day was 10Ac. under yesterdays
close. Although the chief excitement of the
day was in July, yet June wheat sold with
the widest fluctuations, from 92c down to
15c., when slight reaction occurred. The
lowest figure touched by June was
about 20c. under yesterdays closing
price. June closed at 74s4c. De-
ferred futures declined less sharply,
but during the morning dropped about 1-2c.
for August and September Corn was active
but weak, and the fluctuations showed a
wider range than for some days Several
lines OF long corn were ON the market,
which, with the heavy decline in wheat, had
depressing effect on values, which ruled
weak. The market opened at about the
closing figures of yesterday, declined, with
slight fluctuations, 1c., and closed 56c. lower
than yesterday. July opened at 3Sc. and
closed at 373ec
OTHER PRODUCTS EFFECTED.
Oats, owing to the excitement in wheat
received but little attention. Considerable
business was transacted in the provision
market, and the feeling was greatly I'M
settled A falling off in the receipts of hogs
anu the advance in prices caused a stronger
feeling early and the sales Of products were
made at higher prices. The break in the
prices of grain, however caused consider
able nervousness, and the offerings were
very liberal and caused marked reduction
III prices. July lard opened at So 81 i-2nnd
sold down TO 56 60. July ribs opened at
81 - 10 and sold up to 81 10 aud closed
ut 81 IS.
A CINCINNATI DENIAL.
CINCINNATI, June i4..-The very general
impression that Cincinnati furnished a large
part OF the clique which has been charged
with managing the Chicago wheat deal,
turned attention in this direction to-day
when tho panic in wheat developed. Very
strangely, Cincinnati members Of the clique
vanish from all attempts TO locate them.
d. w. Wilcher, who has been publicly
named ~ one of the mcmbers Gatly de-
clared, when asked for information as 70
The cause of the trouble, that be knew moth.
Ing about il. II he was 80 deeply interested